they understand the priority -- the interesting thing is, our customers have now sort of probably gotten even better at having a priority of payments in terms of how they spend their money.

they understand the priority -- the interesting thing is our customers have now sort of probably gotten even better at having a priority of payments in terms of how they spend their money


Anticipating a traditional review time, we expect the update of the Eversense system with the calibration reduction in the first quarter.

anticipating a traditional review time we expect the update of the eversent system with the calibration reduction in the first quarter


even though you have said that at the end of the quarter, you had a high demand from the distributor. And to that as well on France, it seems that the margin has been,

even though you have said that at the end of the quarter you had a high demand from the distributor and to that as well on france it seems that the margin has been


Gathering and transportation was above the high end of our guidance, however, this was offset by natural gas price differentials, which were better than the low end of our guidance

gathering and transportation was above the high end of our guidance however this was offset by natural gas price differentials which were better than the low end of our guidance


bring the margin down a bit in the second quarter from the first quarter. And that it just goes on down the line as we lap the price increase that we got

bring the margin down a bit in the second quarter from the first quarter and then it just goes on down the line from there as we lap the price increase that we got


As tech professionals and employers continue to engage with our properties, we'll gain better insight into customer behavior and use this information to better advise our clients.

as tech professionals and employers continue to engage with our properties we'll gain better insight into customer behavior and use this information to better advise our clients


Finally, before I turn it over to Randy to review our financial performance in more detail, I want to reinforce why I like our business and why we believe our fundamentals are strong.

finally before i turn it over to randy to review our financial performance in more detail i want to reinforce why i like our business and why we believe our fundamentals are strong


products, you can pick them up and eat them any time around the clock basically. Any time you feel like it, you can pick it up and eat it.

products you can pick them up and eat them anytime around the clock basically anytime you feel like it you can pick it up and eat it


A REIT conversion would also be facilitated by exchanging a portion of our public senior unsecured notes for private notes issued by one or more of our taxable REIT subsidiaries.

a reit conversion would also be facilitated by exchanging a portion of our public senior unsecured notes for private notes issued by one or more of our taxable reit subsidiaries


and we think it's an interesting place to study. Solriamfetol, given some of the things we know about PD patients and we know about the mechanism of action of this drug,

and we think it's an interesting place to study solriamfetol given some of the things we know about pd patients and we know about the mechanism of action of this drug


as part of our ongoing safety protocols, and as such, we do not expect any impact to our annual budget. It's just a function of us shifting this timing into the second quarter.

as part of our ongoing safety protocols and as such we do not expect any impact to our annual budget it's just a function of us shifting this timing into the second quarter


and then the tooling and the fabrication of prototypes will go through some iterations with our customer on trying to optimize strength and weight and cost


In terms of the 8-K announcement and some of the leadership change, we had a structure which was maybe a little top heavy in that we had a senior VP of Sales

in terms of the 8k announcement and some of the leadership change we had a structure which was maybe a little top-heavy in that we had a senior vp of sales


we highlighted many times that we were going to hold margins and improve as we go forward and get to full earnings utilization of these factories that we put together. So

we highlighted many times that we were going to hold margins and improve as we go forward and get to fuller utilization of these factories that we put together so


Our payments business, which is less predictable than our contractual recurring revenue, is still exhibiting healthy growth but coming in lighter than we originally expected,

our payments business which is less predictable than our contractual recurring revenue is still exhibiting healthy growth but coming in lighter than we originally expected


that IDB is valuing at fair value, and we are recognizing that historical value at the moment of our acquisitions. So when you compare

that idb is valuing at fair value and we are recognizing a historical value at the moment of our acquisition so when you compare


where if you listen to, for example, BlackRock and a lot of these firms, that absolutely is one of their core parts of their kind of strategy and goal going forward. So

where if you listen to for example blackrock and a lot of these firms that absolutely is one of their core parts of their kind of strategy and goal going forward so


step therapy process of making sure that the statins are fully utilized, but also negotiating on behalf of our clients on -- in rebates as well for that class.

step therapy process of making sure that the statins are fully utilized but also negotiating on behalf of our clients in rebates as well for that class


Starting on the left side of the chart. The key catalyst that has accelerated our transformation is the success of our asset sales program this year.

starting on the left side of the chart the key catalyst that has accelerated our transformation is the success of our asset sales program this year


did you move pricing up during last year? We normally think of April, but actually because of the hydrocarbon effect, were you putting through price increases as the year evolved?

did you move pricing up during last year and we normally think of april but actually because of the hydrocarbon effect were you putting through price increases as the year evolved


This was mostly related to a noncash change in the fair market values of the derivatives portfolio, which was driven by a decline in the WTI oil pricing during the quarter.

this was mostly related to a noncash change in the fair market values of the derivatives portfolio which was driven by a decline in the wti oil pricing during the quarter


That share impact will depend significantly on the movement in our traded share price throughout the year as we apply the treasury stock method to those additional warrants.

that share impact will depend significantly on the movement in our traded share price throughout the year as we apply the treasury stock method to those additional warrants


We continue to advance efforts with respect to a number of additional transactions, and believe we'll be successful in achieving and potentially exceeding

we continue to advance efforts with respect to a number of additional transactions and believe we will be successful in achieving and potentially exceeding


a plus. And we're really everywhere, with all the critical customers to take advantage of that, but it's pretty early yet in the process. Thank you.

a plus and we're really everywhere with all the critical customers to take advantage of that but it's pretty early yet in the process thank you


credit management and cash collections. Members of the integration teams created detailed plans and worked diligently, adding up to thousands of employee hours

credit management and cash collections members of the integration teams created detailed plans and worked diligently adding up to thousands of employee hours


as we move forward, and so those areas are also getting what I would call historically outsized investments as we upgrade those capabilities, which we think are

as we move forward and so those areas are also getting what i would call historically outsized investments as we upgrade those capabilities which we think are


But generally, that gasoline demand is being made up in the Middle East and Europe. And we've got good market positions in both of those regions.

but generally that gasoline demand is being made up in the middle east and europe and we've got good market positions in both of those regions


look at every opportunity. I think we have to look at everything, at least a bit. We are not going to get

look at every opportunity i think we have to look at everything at least a bit we are not going to get


as is the case of our Vice Presidents that run the Core, Digital and Denis that runs Linx Pay,

as is the case of our vice presidents that run the core digital and another that runs links pay


we use margins generated by current products to invest in the following steps and future growth.


Moving onto IoT. The group is on track. We are looking to ship our first prototype in the third quarter and have revenue-ready product by the end of this year.

moving on to iot the group is on track we are looking to ship our first prototype in the third quarter and have revenue-ready product by the end of this year


Finally, I want to reiterate to all of our investors or potential investors on this call that if you are an investor who is generally

finally i want to reiterate to all of our investors or potential investors on this call that if you are an investor who is generally


for engaging in that at this time, at this relatively early stage perhaps for a pricing discussion for them, because the conversation is critical to getting where we need to go,

for engaging in that at this time this relatively early stage perhaps for a pricing discussion for them because the conversation is critical to getting where we need to go


We appreciate your constructive input, your support and your investment. I know we are all learning a lot from our conversations with so many of you.

we appreciate your constructive input your support and your investment i know we are all learning a lot from our conversations with so many of you


We will clarify the projected impact on our next call once we've closed both deals. I'll now turn it over to Tony for his comments. Thanks, Rob.

we will clarify the projected impact on our next call once we've closed both deals i'll now turn it over to tony for his comments thanks rob


We continue to improve the experience for users in our French, German and Spanish language sites through new payment options and increased trust signals.

we continue to improve the experience for users in our french german and spanish language sites through new payment options and increased trust signals


maintaining significant buffer over minimum levels in the course of 2018, but we expect that this comfort level for us

maintaining significant buffer over minimum levels in the course of 2018 but we expect that this comfort level for us will


some issues they had around tenant coverages and things back in November that really forced us to put that on the back burner. So it wasn't specific to being split rate that we pulled back.

some issues they had around tenant coverages and things back in november that really forced us to put that on the back burner so it wasn't specific to being split rated that we pulled back


I attended the opening in Dublin and was pleased to hear directly from customers how important the facility will be in helping them prepare for their product launches.

i attended the opening in dublin and was pleased to hear directly from customers how important the facility will be in helping them prepare for their product launches


We clearly see that public video is understood more and more as another screen in the digital and online universe and thus we get access to new advertising pots

we clearly see that public video is understood more and more as another screen in the digital and online universe and thus we get access to new advertising pots


to support the growing number of tandem teams. We have integrated the digital directory products of Omnea, as Udo already mentioned before.

to support the growing number of tandem teams we have integrated the digital directory products of oneya as udo already mentioned before


Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

ladies and gentlemen this does conclude today's teleconference you may disconnect your lines at this time thank you for your participation and have a wonderful day


The slide presentation may be referenced by clicking on the Dynex Capital First Quarter 2017 Earnings Conference Call link on the Presentation page of the website.

the slide presentation may be referenced by clicking on the dynex capital first quarter 2017 earnings conference call link on the presentation page of the website


into group Medicare Advantage offerings. So we'll look to give you updates on the selling season as we progress through the year. I think you also

into group medicare advantage offering so we'll look to give you updates on the selling season as we progress through the year i think you also


value customer with a strong market basket. We bring innovation to the category. And our retailers understand this. We have good working relationships with them. And

value customer with a strong market basket we bring innovation to the category and our retailers understand this we have good working relationships with them and


Many of the world's largest food companies, including some of the largest food retailers, have announced their intentions to use natural colors in their products.

many of the world's largest food companies including some of the largest food retailers have announced their intentions to use natural colors in their products


the natural follow-up to a restructuring. The restructuring is great and you take out those costs, but really, the costs should continue to come out of these businesses

the natural follow-up to a restructuring the restructuring is great and you take out those costs but really the cost should continue to come out of these businesses


But I don't think at this point, as I sit here, you would anticipate us buying something on the basis of market share. I believe that, that can be a very inefficient way

but i don't think at this point as i sit here you would anticipate us buying something on the basis of market share i believe that that can be a very inefficient way


As expected, this was principally due to lower revenues from the French Interconnector and last year's gain on the Iroquois gas pipeline transaction.

as expected this is principally due to lower revenues from the french interconnector and last year's gain on the iruqui gas pipeline transaction


at average spreads north of 50%. As some of you have also noted in your research, our track record of capitalizing on bankruptcies compares very favorably.

it average spreads north of 50% as some of you have also noted in your research our track record of capitalizing on bankruptcies compares very favorably


And then the third topic is naturally now some update on the merger-related issues that I am sure everybody is hungry for information.

and then the third topic is naturally now some update on the merger-related issues that i am sure everybody is hungry for information


In addition to all the uncertainty surrounding metal costs, new federal regulations have caused a truck driver shortage, resulting in much higher freight costs across the nation.

in addition to all the uncertainties surrounding metal cost new federal regulations have caused a truck driver shortage resulting in much higher freight costs across the nation


freight cost expansion that we saw in the first quarter as a consequence of federal regulations further exacerbated that situation and really hammered us in the first quarter.


Additionally, our geographic expansion initiatives and those of our customers will allow us to continue to fully support our customers with additional value-added products and services

additionally our geographic expansion initiatives and those of our customers will allow us to continue to fully support our customers with additional value-added products and services


the people we put in place. So there was some degree of churn there when we looked at people with the right skills to go into the right slots.

the people we put in place so there was some degree of churn there when we looked at people with the right skills to go into the right slots


Additionally, we announced the retirement of 2 longstanding board members effective as of the upcoming Annual Shareholders Meeting in early March.

additionally we announced the retirement of 2 long-standing board members effective as of the upcoming annual shareholders meeting in early march


now that it's 6 people when it used to be just 1 person, of just telling that story of what First Defense does, how you can avoid another vaccine to your cow

now that it's 6 people when it used to be just one person of just telling that story of what first defense does how you can avoid another vaccine to your cow


Our plan is to run it as full as possible on Siding, but we are retaining the capability to make commodity OSB in that plant.

our plan is to run it as full as possible on siding but we are retaining the capability to make commodity osb in that plant


and our safety results demonstrate this commitment, and I'm very pleased with the progress that the company has made in the last 3 years.

and our safety results demonstrate this commitment and i'm very pleased with the progress that the company has made in the last 3 years


And we build these projects primarily from our pipeline. We build this pipeline over years, and we harvest it and with the intention of owning and operating these.

and we build these projects primarily from our pipeline we build this pipeline over years and we harvest it with the intention of owning and operating these


to presentation of meaningful clinical data in just 2 years for 2 different programs. We believe this is virtually unheard of, and we have several additional candidates to follow.

to presentation of meaningful clinical data in just 2 years for 2 different programs we believe this is virtually unheard of and we have several additional candidates to follow


it will be under a different brand, as we have done in the past with our other branded procedures that are agnostic of provider and our facility.

it will be under a different brand as we have done in the past with our other branded procedures that are agnostic of provider and our facility


While the hotel is in great shape the real issues continues to be the impact of Zika and the absorption of the new beach supply that has entered the market over the last 24 months.

while the hotel is in great shape the real issue continues to be the impact of zika and the absorption of the new beach supply that has entered the market over the last 24 months


Compared to the year ago quarter, the decrease was primarily driven by the deployment of additional resources and the incurrence of additional costs

compared to the year-ago quarter the decrease was primarily driven by the deployment of additional resources and the incurrence of additional costs


just because of the volatility and the purchase trends cost. I mean, that's -- those are where we're seeing the highest rates. And you can look at these third-party indices to get a sense for

just because of the volatility in the purchase trans cost i mean that's -- those are where we're seeing the highest rates and you can look at these third-party indices to get a sense for


Our long-term orientation enables us to look beyond short-term market gyrations and our focus on creating growth and fundamental value in our portfolio companies

our long-term orientation enables us to look beyond short-term market gyrations and our focus on creating growth and fundamental value in our portfolio companies


And on Monday, we issued a news release announcing approval recommendation granted by CHMP in Europe.

and on monday we issued a news release announcing approval recommendation granted by chmp in europe


in the storage business, I have looked at it quite extensively, is a combination of things that occurred,

in the storage business i have looked at it quite extensively is a combination of things that occurred


that probably equates to 5 or 6 points on the combined ratio this year as compared to 8 or 10 a year ago.


at the same time in an environment where value remains king for the consumer, and that's perhaps the reason why we've done so well.

at the same time in an environment where value remains king for the consumer and that's perhaps the reason why we've done so well


and a strong foundation to build off of, we are well positioned to increase our platform's reach as we continue to execute on our expansion initiatives into new states,

and a strong foundation to build off of we are well positioned to increase our platform's reach as we continue to execute on our expansion initiative into new states


As far as impacts, we do not have any knowledge today of any closures and as we've said before, if we did see any closures, it's our view that we would have plenty of opportunities to work our way through them.

as far as impacts we do not have any knowledge today of any closures and as we've said before if we did see any closures it's our view that we would have plenty of opportunity to work our way through them


Now a large factor in attaining this level of revenue contribution from our international operations this early reflects industry pricing.

now a large factor in attaining this level of revenue contribution from our international operation this early reflects industry pricing


that investments that we're -- we make the investments that we need to ensure future growth, right? So the mix of that is something that we look at, but not necessarily

that investments that we're -- we make the investments that we need to ensure future growth right so the mix of that is something that we look at but not necessarily


make that work. I think the other thing that we've observed is that as some of these platforms have grown into millions and millions of units,

make that work i think the other thing that we've observed is that as some of these platforms have grown into millions and millions of units


Driving our ability to not just deliver returns but to create meaningful added wealth has been our leadership in delivering equity returns on the investments we've made every quarter.

driving our ability to not just deliver returns but to create meaningful added wealth has been our leadership in delivering equity returns on the investments we've made every quarter


We are focused on core check retention and acquisition and developing incremental retail customer acquisition channels.

we are focused on core check retention and acquisition and developing incremental retail customer acquisition channels


so I do expect that I will complete the search and, hopefully, be able to announce a new CFO by the next earnings call.

so i do expect that i will complete the search and hopefully be able to announce a new cfo by the next earnings call


Regarding working capital, inventory levels will most probably continue to be at a high level during this transformation.

regarding working capital inventory levels will most probably continue to be at a high level during this transformation


The graph on the bottom left quadrant shows the daily production performance and time cum plots from the older generation wells and then that of our new wells, which are depicted in red.

the graph in the bottom left quadrant shows the daily production performance and time-cum plots from the older generation wells and then that of our new wells which are depicted in red


Okay. And I mean, as you pointed out, that hasn't been a focus of your business model in the past? Is there a potential for that to become

okay i mean as you pointed out that hasn't been a focus of your business model in the past is there a potential for that to become


and bottom line performance for 2019. Growth opportunities that for years were on the horizon are now at our doorsteps across the end markets and geographies that we serve.

and bottom line performance for 2019 growth opportunities that for years were on the horizon are now at our doorsteps across the end markets and geographies that we serve


the transaction stands on its own, and again, that we can grow it, but the math has to make sense. And probably most importantly in our business, it has to be a great cultural fit,

the transaction stands on its own and again that we can grow it but the math has to make sense and probably most importantly in our business it has to be a great cultural fit


We're working very closely with them to be one of their initial if not their absolute initial first client to be able to utilize their platform from a delivery perspective.

we're working very closely with them to be one of their initial if not their absolute initial first client to be able to utilize their platform from a delivery perspective


That's something we think would be absolutely a very important vehicle in really driving home the value proposition, building guest engagement with our customers.

that's something we think would be absolutely a very important vehicle in really driving home the value proposition and building guest engagement with our customers


We've also begun testing a greater use of technology to educate and develop our team members and meet the needs of today's millennial employee,

we've also begun testing a greater use of technology to educate and develop our team members and meet the needs of today's millennial employee


Don't you think that you should benefit in the last part of the year from sort of easy comparison

don't you think that you should benefit in the last part of the year from sort of easy comparison versus


Yes. I would say this, first of all, we want to do everything we can to start the trial this year for a couple of reasons. The first is for patients,

yes i would say this first of all we want to do everything we can to start the trial this year for a couple of reasons the first is for patients


And consumers really like new products. This does not mean that they don't like existing products. It's just that they have too many choices.

and consumers really like new products this does not mean that they don't like existing products it's just that they have too many choices


I think you got 2 of them mixed. I think our inventories are pretty much in line now. The growth is where you'd expect them to be. New distributors that turned into subsidiaries

i think you got 2 of them mixed i think our inventories are pretty much in line now the growth is where you'd expect them to be new distributors that turned into subsidiaries


Additionally, we're continuing to review options to simplify our operating and tax organizational structure, which we believe will result in a simplified

additionally we are continuing to review options to simplify our operating and tax organizational structure which we believe will result in a simplified


What we did do in '18 is adjusting the organization, and that's how we did it, is what you see on this slide as well as a gateway to Europe,

what we did do in '18 is adjusting the organization and that's how we did it is what you see on this slide as well as a gateway to europe


kind of process back on, and we're back out actively selling in the marketplace. And we're seeing our pipeline start to rebuild. But as you would expect, that pipeline doesn't just

kind of process back on and we're back out actively selling in the marketplace and we're seeing our pipeline start to rebuild but as you would expect the pipeline doesn't just


simply appear overnight. So it does take a little bit of time for those to come through and commercialize. But we're feeling good that we've kind of hit the objectives that we've

simply appear overnight so it does take a little bit of time for those to come through and commercialize but we're feeling good that we've kind of hit the objectives that we've


slightly behind our recent history, but in line with history when the known Outdoor Retailer and Interbike issues were taken into account based on our expectations at that time.

slightly behind our recent history but in line with history when the known outdoor retailer and interbike issues were taken into account based on our expectations at that time


The situation was more difficult in Romania where the performance was poor, and we're making changes and taking initiatives to stabilize our operations in the coming year.

the situation was more difficult in romania where the performance was poor and we're making changes and taking initiatives to stabilize our operations in the coming year


We have dedicated great effort in the past year to strengthening our team's ability in this area and believe our approach will become even more meaningful as time progresses.

we have dedicated great effort in the past year to strengthening our team's ability in this area and believe our approach will become even more meaningful as time progresses


the message that I want to give you is, we will always grow on a very disciplined fashion. If there's an opportunity, we have to see that it makes sense,

the message that i want to give you is we will always grow on a very disciplined fashion if there's an opportunity we have to see that it makes sense that it


Globally, we continue to offer our most popular products in more flavors that appeal to customers in local markets, a strategy that has proven to be successful.

globally we continue to offer our most popular products in more flavors that appeal to customers in local markets a strategy that is proving to be successful


In terms of Gestamp, the good news is that there's actually no change in our supply agreement, supply relationships, so there's no other value transfer which is occurring.

in terms of the comp the good news is there's actually no change in our supply agreement supply relationship so there's no other value transfer which is occurring


And fourth, prudent management of working capital such that we can maximize free cash flows and reinvest in the growth of the business.

and fourth prudent management of working capital such that we can maximize free cash flows and reinvest in the growth of the business


In Capital Markets, our opportunity lies within evolving regulatory and financial reporting requirements, along with a healthier capital markets environment.

in capital markets our opportunity lies within evolving regulatory and financial reporting requirements along with a healthier capital markets environment


the ROAM will be available for the second half of the year. We do have opportunities for it. Again, we've just been conservative and not added that to our guidance.

the rome will be available for the second half of the year we do have opportunities for it we've again we've just been conservative and not added that to our guidance


We expect products to end the year slightly below its budget, and that -- there, the positive impact of Double Eagle pipeline, which was acquired in the Hiland acquisition,

we expect products to end the year slightly below its budget and that there the positive impact of double eagle pipeline which was acquired in the highlands acquisition


which is, as I just noted, our basic strategy is to put our strong brands on the shelves of as many kinds of sales outlets as possible,

but as i just noted our basic strategy is to put our strong brands on the shelves of as many kinds of sales outlets as possible


While our confidence in our growth opportunities remains unchanged, revenue estimates for 2016 have been adjusted primarily due to 2 factors.

while our confidence in our growth opportunities remains unchanged revenue estimates for 2016 have been adjusted primarily due to 2 factors


conversations on inflation throughout the call, and it sounds like there's an expectation that you can offset that with pricing actions. So wondering if the actions you took in the fourth quarter

conversation on inflation throughout the call and it sounds like there's an expectation that you can offset that with pricing actions so wondering if the actions you took in the fourth quarter


we believe we grow faster than the nominal growth in the marketplace because we're unleashing latent demand and taking share because of our unique way that we address those markets.

we believe we grow faster than the nominal growth in the marketplace because we're unleashing demand and taking share because of our unique way that we address those markets


If you look at the additions to the portfolio, Eric will summarize those, but I think the important point I'd like to say is they've been a long time in the planning.

if you look at the additions to the portfolio eric will summarize those but i think the important point i'd like to say is there's been a long time in the planning


So I'm going to go through our quarterly results as well as our current expectations for the rest of this year with my additional thoughts on each business segment.

so i'm going to go through our quarterly results as well as our current expectations for the rest of this year with my additional thoughts on each business segment


kind of uncovered cost that we had even this year around costs that are not allowed in rate banking. So we have a little bit of headwind next year. We're trying to look at that.

kind of uncovered costs that we have even this year around costs that are not allowed in ratemaking so we have a little bit of headwind next year and we're trying to look at that


We go after very select opportunities where we think we can add specific value, and it's maybe a bit of a unique situation for our customer.

we go after very select opportunities where we think we can add specific value and it's maybe a bit of a unique situation for a customer


releases, need no reminding that the industry is in a pretty tough place at the moment, and we're no different from the industry.

our releases need no reminding that the industry is in a pretty tough place at the moment and we're no different from the industry


We're going through the next 6 months still with an enormous effort from everybody in the organization. To implement that, I'm very confident that we will do that very well.

we're going through the next 6 months still with an enormous effort from everybody in the organization to implement that i'm very confident that we will do that very well


So that's the reason why we have the big focus around CBN across our key markets. Now turning over to expenses.

so that's the reason why we have the big focus around cvm across our key markets now turning over to expenses


and let me explain why we're doing that. And so given the fact that most of our revenue now is cloud,

let me explain why we're doing that and so given the fact that most of our revenue now is cloud


While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change. Therefore,

while we may elect to update these forward-looking statements at some point in the future we specifically disclaim any obligation to do so even if our views change therefore


Combining our improved financial performance in our key sectors of our business, we are excited and energized about the future of Westport Fuel Systems

combining our improved financial performance in our key sectors of our business we are excited and energized about the future of westport fuel systems


can, and typically, does create a bit of volatility. And so the dividend is a way of trying to stabilize the stock,

can and typically does create a bit of volatility and so the dividend is a way of trying to stabilize the stock


Anthony from Investec. Could you, please, tell us a little bit more about your exposure to the rising fuel price? And how concerned we should be about

anthony from investec could you please tell us a little bit more about your exposure to the rising fuel price and how concerned we should be about


I personally haven't seen press releases from other companies to inform that the study continues when an interim analysis is not positive.

i personally haven't seen press releases from other companies to inform that the study continues when an interim analysis is not positive


The outcome of the study leads us to believe that we have also satisfied the second point in the CRL. So with the CRL points addressed,

the outcome of the study leads us to believe that we have also satisfied the second point in the crl so with the crl points addressed


It's designed to provide significant benefits for electricity consumers in the Northeast. PPL Electric Utilities has filed an interconnection request

that's designed to provide significant benefits for electricity consumers in the northeast ppl electric utilities has filed an interconnection request


You can't be in safety good or very good. You have to be -- for the things that matter, for those critical risks, you have to be perfect. You have to have

you can't be in safety good or very good you have to be for the things that matter for those critical risks you have to be perfect you have to have


Customer demand for both our plate products and our long products is solid, and our value-added revenue is also benefiting from low contained metal costs.

customer demand for both our plate products and our long products is solid and our value-added revenue is also benefiting from low contained metal costs


but those exceptions are relatively rare. In extrusions, it's pretty much the same case, although some extrusions -- in extrusion, we have a higher percentage

but those exceptions are relatively rare in extrusions it's pretty much the same case although some extrusions extrusions we have a higher percentage


feel like people who want to exit this business, we are the logical home for these assets. So it was a wonderful opportunity for us to extend our European business to the east and to the north.

feel like people who want to exit this business we are the logical home for these assets so it was a wonderful opportunity for us to extend our european business to the east and to the north


Sure. It was -- in our Staffing Services group, if we just take a look through the quarter, there wasn't much inflection point in those organic revenue trends that we just shared.

sure it was in our staffing services group if we just take a look through the quarter there wasn't much inflection point in those organic revenue trends that we just shared


So our strategy is based on a simple premise. Businesses will win or businesses will lose based on customer experience,

so our strategy is based on a simple premise businesses will win or businesses will lose based on customer experience


of just basically not being able to run the Martinez Refinery when it was in the final stages of turnaround and the work stoppage occurred.

of just basically not being able to run the martinez refinery when it was in the final stages of turnaround and the work stoppage occurred


rate in the West Coast across the states continues to be very favorable to having a lot of people working. It has

unemployment rate in the west coast across the states continues to be very favorable to having a lot of people working it has


The most notable findings were that endoscopic improvements and even mucosal healing were reported in each of the 3 active treatment arms.

the most notable findings were that endoscopic improvements and even mucosal healing were reported in each of the 3 active treatment arms


in a study design intended to improve efficiency and accelerate the clinical program. FDA and EMA have agreed to the design features

in a study design intended to improve efficiency and accelerate the clinical program fda and ema have agreed to the design features


their net promoter scores across all their markets are extremely high so they're doing very well in that regard. We got a game plan by market

their net promoter scores across all their markets are extremely high so they're doing very well in that regard we've got a game plan by market


contributed a net 230 basis points to the DSA operating margin in the fourth quarter, but because the credits are now subject to tax,

contributed a net 230 basis points to the dsa operating margin in the fourth quarter but because the credits are now subject to tax


We also continue to expand diversified agriculture on our former plantation lands and have issued several press releases detailing progress that we're making on that front.

we also continue to expand diversified agriculture on our former plantation lands and have issued several press releases detailing progress that we're making on that front


one of risks that I think the group talked about was, in the private credit markets and nonbank lending, and I just wanted to get a little qualifier of

one of the risks that i think the group talked about was in the private credit markets and nonbank lending and i just wanted to get a little qualifier of


of their downline distributors, and profitable here is defined as you would expect. It has to be that they're selling the product at a price point

of their downline distributors and profitable here is defined as you would expect it has to be that they're selling the product at a price point


For example, the deployment of our solution at Swiss railway continued in the second quarter. And we have received great recognition from the industry for this project.

for example the deployment of our solution at swiss railway continued in the second quarter and we have received great recognition from the industry for this project


This was primarily driven by higher maintenance costs due to customer planned maintenance outages more than offsetting our Take the Lead cost reduction programs.

this was primarily driven by higher maintenance costs due to customer planned maintenance outages more than offsetting our take the lead cost reduction program


Investors should not assume that the statements will remain operative at a later time. Lastly, Lumber Liquidators undertakes no obligation to update any information discussed in this call.

investors should not assume that the statements will remain operative at a later time lastly lumber liquidators undertakes no obligation to update any information discussed in this call


but hopefully will later this year. I will now turn the rest of the time over to David for a few other points on our financials. Thanks, Jim.

but hopefully will later this year i will now turn the rest of the time over to david for a few other points on our financials thanks jim


But we really haven't pushed from a marketing standpoint the usage as we develop more and more tools and we gather more and more data.

but we really haven't pushed from a marketing standpoint the usage as we develop more and more tools and we gather more and more data


We've already launched 4G in Switzerland and the Netherlands, and we've seen a rapid increase in sales and revenue activity in both those markets. Maybe just a quick comment on mobile consolidation,

we've already launched 4g in switzerland and the netherlands and we've seen a rapid increase in sales and revenue activity in both those markets maybe just a quick comment on mobile consolidation


We certainly -- we noted in the comments that we're going to be initiating some restructuring in the fourth quarter,

we certainly -- we noted in the comments that we're going to be initiating some restructuring in the fourth quarter


Tim? I completely agree. I mean, the thing I'd love about this business and why I'm so excited about it when I go forward is, one, we've got really robust competitors. It forces us to stay innovative and smart.

i completely agree i mean the thing i love about this business and why i'm so excited about it when i go forward is one we've got really robust competitors it forces us to stay innovative and smart


In summary, we are right where we thought we would be, stabilizing, fortifying and operating with increased excellence across our business.

in summary we are right where we thought we would be stabilizing fortifying and operating with increased excellence across our business


waiting in line for the Medicare contractor to give them permission to treat the patient. So it's the lesser of 2 evils.

waiting in line for the medicare contractor to give them permission to treat the patient so it's the lesser of 2 evils


And that overall market seems to be a little bit softer year-over-year than what we anticipated. I think the last piece on the second half that probably dragged a bit on revenue

and that overall market seems to be a little bit softer year-over-year than what we anticipated i think the last piece on the second half it probably drags a bit on revenue


I think the word proud will be said many times from people in Atea today, at least from me. We came in at a revenue

i think the word proud will be said many times from people in atea today at least from me we came in at revenue


The facility is in France. There are 3 -- in the site there are 3 production units, one of which is the one where the fire significantly destroyed.

the facility is in france there are 3 -- in the site there are 3 production units one of which is the one where the fire significantly destroyed


I also want to remind you, we're also waiting for final decision in China that will also be coming soon with regard to us launching in China,

i also want to remind you we're also waiting for final decision in china that will also be coming soon with regard to us launching in china


a certification of that resource sometime during this year when the results of these wells have been fully assimilated into our development plan.


During the second quarter, we advanced our commercialization plans for a number of products. And just last week, we launched the CUSA Clarity platform in Japan.

during the second quarter we advanced our commercialization plans for a number of products and just last week we launched the kusaklarity platform in japan


and we're clearly making progress to getting this business in that range. And I think, so one, that's the standard we hold ourselves to. So I'm

and we're clearly making progress to getting this business in that range and i think so one that's the standard we hold ourselves to so i'm


They take a number of years to fully realize the benefits. And so a number of steps, but we're continuing to roll out new technology in the Institutional field force.

they take a number of years to fully realize the benefit and so a number of steps look we're continuing to roll out new technology in the institutional field force


We have a very good new and emerging reputation, and I think we have an opportunity to elevate and expand our customer relationships,

we have a very good new and emerging reputation and i think we have an opportunity to elevate and expand our customer relationships


The fourth quarter in those 2 markets will definitely be softer than they otherwise would be, and that will start to dissipate. Well, probably the first quarter will be a little softer,

the fourth quarter in those 2 markets will definitely be softer than they otherwise would be and that will start to dissipate probably the first quarter will be a little softer


Over the past several months, there has been a lot of negative comments from the experts about the overall macro environment and the truckload industry specifically.

over the past several months there's been a lot of negative comments from the experts about the overall macro environment and the truckload industry specifically


whether you apply a venture debt or newer stage business label to it, for very long time here, and there are a number of people that do that.

whether you apply a venture debt or newer stage business label to it for a very long time here and there are a number of people that do that


With our large installed base of handset customers, we see an opportunity to acquire additional pervasive technologies that we can offer to our licensee base at economical prices.

with our large installed base of handset customers we see an opportunity to acquire additional pervasive technologies that we can offer to our licensee base at economical prices


and we still find very encouraging, particularly once we see the construction start activity on the public side continue to pick up.

and we still find very encouraging particularly once we see the construction start activity on the public side continue to pick up


The loan asset spreads are a function of our strong commercial discipline in competitive markets on both the lending and deposit margins.

the loan asset spreads are a function of our strong commercial discipline in competitive markets on both the lending and deposit margins


Was it the environment that kept you or pricing discipline that kept you or were you close to using some of the repo program in the fourth quarter?

was it the environment that kept you or pricing discipline that kept you or were you close to using some of the repo program in the fourth quarter


commodity risk with them. In the Delaware Basin, we're probably seeing them lean more to fee-based. We keep ourselves open to

commodity risk with them in the delaware basin we're probably seeing them lean more to fee-based we keep ourselves open to


So could you help me understand why there is such a small difference with no offer and a full offer running in the same period? Is it largely from mix or any other element of input cost reduction?

so could you help me understand why there's such a small difference with no offer and a full offer running in the same period is it largely from mix or any other element of input cost reduction


as certain customers have had difficulty obtaining U.S. dollars to pay our invoices. These late payments are timing issues and are not bad debt problems.

as certain customers have had difficulty obtaining u s dollars to pay our invoices these late payments are timing issues and are not bad debt problems


What I have said repeatedly as well is that when we have the cash in the bank, as a whole, the board, we believe, we're not going to do anything rash

what i have said repeatedly as well is that when we have the cash in the bank as a whole the board we believe we're not going to do anything rash


When I think about just where the FDA rules have been for like color additives, it can be interpreted by some as being very vague, very loose.

when i think about just where the fda rules have been for like color additives it can be interpreted by some as being very vague very loose


They involve risks and uncertainties, because they relate to future events and therefore depend on circumstances that may or may not occur.

they involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur


Investors and analysts should understand that events related to macroeconomic conditions, industry and other factors could cause

investors and analysts should understand that events related to macroeconomic conditions industry and other factors could cause


in the past, Murray, you have talked about an increase in the level of expenses that you will incur as you

in the past murray you have talked about an increase in the level of expenses that you will incur as you


and we should basically observe now what the trends are, where the whole story is developing, bearing in mind all the risks and all the

and we should basically observe now what the trends are where the whole story is developing bearing in mind all the risks and all the


Today's call is to provide you with information regarding our fourth quarter and full year 2017 performance in addition to our financial outlook.

today's call is to provide you with information regarding our fourth quarter and full year 2017 performance in addition to our financial outlook


With this recent approval, we will record another loss on debt prepayment in the second quarter of 2019 when this payment is made.

with this recent approval we will record another loss on debt prepayment in the second quarter of 2019 when this payment is made


term strong customer relationships where we do a good job of -- I believe we do a good job of knowing the customer well and matching up against their requirements well.

strong customer relationships where we do a good job of -- i believe we do a good job of knowing the customer well and matching up against their requirements well


the run rate that we were expecting to get from selling these things, it's not the revenue synergies that necessarily occurred in the year. So for example,

the run rate that we were expecting to get from selling these things it's not the revenue synergies that necessarily occurred in the year so for example


Adjusting for a reduction this quarter in -- an elevated number of vehicles being prepared for sale, which provides a more relevant comparison to our forecast,

adjusting for a reduction this quarter in an elevated number of vehicles being prepared for sale which provides a more relevant comparison to our forecast


because I do believe FERC believes that part of their role is to try to work with states and some of the things that states are trying to accomplish.

because i do believe ferc believes that part of their role is to try to work with states and some of the things that states are trying to accomplish


We're in the early innings of our transformation, and there's still much work ahead of us before we see consistent double-digit profitability growth.

we're in the early innings of our transformation and there's still much work ahead of us before we see consistent double-digit profitability growth


This solution is called deduction management and will give Kroger the ability to provide its suppliers with easy access to billing details,

this solution is called deduction management and will give kroger the ability to provide its suppliers with easy access to billing details


reinforce our overall view of the company's expected full-year financial performance, which we articulated on our fourth quarter earnings call in late February.

reinforce our overall view of the company's expected full year financial performance which we articulated on our fourth quarter earnings call in late february


During the quarter, we experienced good revenue growth in new lines of products, particularly our household container product line, which enjoys high margins.

during the quarter we experienced good revenue growth in new lines of products particularly our household container product line which enjoys high margins


Sure. And when you look back at the digital growth, there might be a little bit of the substitutive or the enhancement effect where

sure and when you look back at the digital growth there might be a little bit of the substitutive or the enhancement effect where


Our earnings release was distributed yesterday and it is now available on our IR website as well as Newswire service.

our earnings release was distributed yesterday and it is now available on our ir website as well as news wire service


We also continue to focus on recycling capital from our low return or loss-making businesses and rationalizing the group's cost structure.

we also continue to focus on recycling capital from our low return or loss-making businesses and rationalizing the group's cost structure


What I will be looking at is in terms of a product strategy, a network strategy, I will have to look at my technology strategy. Have I -- am I -- is my offerings correct? What is my

what i will be looking at is in terms of a product strategy and network strategy i'll have to look at my technology strategy am i -- is my offerings correct what is my


Lifeline subsidizes mobile phone plans to millions of low-income consumers, who will now enjoy access to WiFi in their mobile plans.

lifeline subsidizes mobile phone plans to millions of low-income consumers who will now enjoy access to wifi in their mobile plans


We take care of people's skin. This is why we exist, and this single-mindedness is a real competitive advantage.

we take care of people's skin this is why we exist and this single-mindedness is a real competitive advantage


Because we have had a number of years of deterioration, and this really is the best indicator of quality of growth.

because we have had a number of years of deterioration and this really is the best indicator of quality of growth


was really bringing the right people in. And that was probably the biggest challenge we had was getting the right people around the table last fall over the course of summer and the winter

was really bringing the right people in and that was probably the biggest challenge we had was getting the right people around the table last fall over the course of the summer and the winter


During the first quarter, the market volatility provided a window for us to capitalize on opportunities both traditional to Annaly as well as external opportunities.

during the first quarter the market volatility provided a window for us to capitalize on opportunities both traditional to annaly as well as external opportunities


A new ERP system is being installed to record the success and provide data to develop and to react. A new compensation plan is built

a new erp system is being installed to record the success and provide data to develop and to react a new compensation plan is built


So we will continue to build further on this as a step towards offering a more complete solution in one of our product area.

so we will continue to build further on this as a step towards offering a more complete solution in one of our product areas


We provide a unique program rooted in and informed by science that is not only about educating people on how to eat healthy and make the right choices

we provide a unique program rooted in and informed by science that is not only about educating people on how to eat healthy and make the right choices


the business plan really is an emerging animal, and we want to make sure it's very attractive to whoever invests in it, and that would include

the business plan really is an emerging animal and we want to make sure it's very attractive to whoever invests in it and that would include


And can you talk a little bit about, which expense lines you expect to get the most leverage on to get up to the levels that you're talking about here over the next few quarters?

and can you talk a little bit about which expense lines you expect to get the most leverage on to get up to the levels that you're talking about here over the next few quarters


Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect all lines. Thank you, and have a good day.

ladies and gentlemen that does conclude the conference call for today we thank you for your participation and ask that you please disconnect all lines thank you and have a good day


it's not going to be whipsawed. I think we're going to come close because I think, we can pick up our market share gain on that purchase side if it continues and we'll be able to

it's not going to be whipsawed i think we're going to come close because i think we can pick up our market share gain in that purchase side if it continues and we'll be able to


And last quarter, we saw this on a spot basis, this quarter you see it in the averages. So look competitive dynamics are going to be a factor for sure.

and last quarter we saw this on a spot basis this quarter you see it in the averages so competitive dynamics are going to be a factor for sure


In fact, our results in the fourth quarter reflect the resiliency of our portfolio as we delivered a 10% increase in adjusted earnings per share

in fact our results in the fourth quarter reflect the resiliency of our portfolio as we delivered a 10% increase in adjusted earnings per share


in order to do that, you have to have all of the previous doses taken in the morning so that you can administer a morning dose on the day that the subject attends the clinic for the serial PK draws.

in order to do that you have to have all of the previous doses taken in the morning so that you can administer a morning dose on the day that the subject attends the clinic for the serial pk draws


in it and how it will be administered. Will it be a once use container? Or will it be drawn from a bulk container?

and how it will be administered will it be once used container or will it be drawn from a bulk container


And that usually means bringing down as much of the volatility as possible. And I would say that while we're not chasing volatility in this new portfolio, we are more willing to accept it

and that usually means bringing down as much of the volatility as possible and i would say that while we're not chasing volatility in this new portfolio we are more willing to accept it


This improvement was the result of a decline in the frequency and severity of non-catastrophe claims and lower general expenses.

this improvement was the result of a decline in the frequency and severity of non-catastrophe claims and lower general expenses


driven mainly by the accretive contribution of our acquisitions of Cal-Weld and Talon Innovations as well as improvements in our other products.

driven mainly by the accretive contribution of our acquisitions of calweld and talon innovations as well as improvements in our other products


Operating margins continued to show good improvements as we continued our focus on improving the efficiency in our business and realigning our cost structure.

operating margins continued to show good improvements as we continued our focus on improving the efficiency in our business and realigning our cost structure


These high pressures make it difficult for the heart to pump blood through the lungs to be oxygenated, ultimately leading to heart failure.

these high pressures make it difficult for the heart to pump blood through the lungs to be oxygenated ultimately leading to heart failure


In China, you're still less than half of the patients each year that need dialysis being able to get dialysis, because the system still is being built out.

in china you're still less than half of the patients each year that need dialysis being able to get dialysis because the system still is being built out


in trends in overall survival. In ongoing discussions with members of our advisory board, we have been encouraged to press forward aggressively for this indication.

and in trends in overall survival in ongoing discussions with members of our advisory board we have been encouraged to press forward aggressively for this indication


We continue to move forward with our Asia-focused joint venture announced earlier this year to offer dedicated quantitative products tailored for the Asian financial markets.

we continue to move forward with our asia-focused joint venture announced earlier this year to offer dedicated quantitative products tailored for the asian financial markets


So the other couple pieces in there is healthcare again, which goes the other way, which will tick us back a bit next year and probably a little bit less price.

so the other couple of pieces in there is health care again which goes the other way which will tick us back a bit next year and probably a little bit less price


fairly high degree of confidence that those are all products that we will be able to deliver on. Now there's always some degrees of uncertainty.

fairly high degree of confidence that those are all products that we will be able to deliver on now there's always some degrees of uncertainty


and there is a section of the show that's going to be unusable space. And so we're going to sell out the entire Javits Center that has the available space, but we've reassessed

and there's a section of the show that's going to be unusable space and so we're going to sell out the entire javits center that has the available space but we've reassessed


Before I share my view on what changes we need to make, I thought I would start by telling you what is not going to change. We will continue to serve high-quality great-tasting food that consumers crave.

before i share my view on what changes we need to make i thought i would start by telling you what is not going to change we will continue to serve high-quality great-tasting food that consumers crave


and be more top of mind with people to remind them why they love Chipotle. When you remind people about the fact that

and be more top of mind with people to remind them why they love chappelle when you remind people about the fact that


Another influential sector were higher trade receivables, which increased especially as a result of the reclassification of real estate project development

another influential factor were the higher trade receivables which increased especially as a result of the reclassification of real estate project development


Can it get worse in terms of a margin squeeze or do you think the worst is currently about to be digested?

can it get worse in terms of a margin squeeze or do you think the worst is currently about to be digested


as we fast-forward the year out? And I realize there's moving parts with Washington and everything else, but in other words, you've jumped around a lot and,

as we fast forward and i realize there's moving parts with washington and everything else but in other words you've jumped around a lot and


Thank you, Tom, and good morning, everyone. I will walk you through our financial performance for the second quarter before turning the call back over to Tom for his closing remarks.

thank you tom and good morning everyone i will walk you through our financial performance for the second quarter before turning the call back over to tom for his closing remarks


in procurement and through productivity as really what we do internally to offset inflation whether it be raw materials or labor.

in procurement and through productivity is really what we do internally to offset inflation whether it be raw materials or labor


to improve power, performance and cost, means that integration challenges in a chip manufacturing process are increasingly complex.

to improve power performance and cost means that integration challenges in the chip manufacturing process are increasingly complex


We believe we have the elements in place to execute our strategy. Our priority is, therefore, on execution and our objective is to perform to our potential.

we believe we have the elements in place to execute our strategy our priority is therefore on execution and our objective is to perform to our potential


the company is towards our digital strategy so -- as we can help our clients along that journey as they transition from

the company is towards our digital strategies so as we can help our clients along that journey as they transition from


our Collaboratories. A key measure of our progress is how well we're able to think globally, think locally and act on both levels simultaneously,

our collaboratories a key measure of our progress is how well we're able to think globally think locally and act on both levels simultaneously


However, we believe that our operating cash generation in 2019 will be substantially improved, and we are again targeting operating cash for the year to be in excess of net income

however we believe that our operating cash generation in 2019 will be substantially improved and we are again targeting operating cash for the year to be in excess of net income


Our patented technology is the only one of its kind that has the certainty of gravity-fed operations, that means fewer moving parts and less dust.

our patented technology is the only one of its kind that has the certainty of gravity-fed operations that means fewer moving parts and less dust


from third quarter '18? The asset impairments for the depreciable assets were actually taken on the beginning of the second quarter.

from third quarter '18 the asset impairments for the depreciable assets were actually taken on the beginning of the second quarter


because we're dealing with all of the key suppliers. But what we don't do is we don't have the overhead that goes with it around cutting, holding stock,

because we're dealing with all of the key suppliers but what we don't do is we don't have the overhead that goes with it around cutting holding stock


which clearly, under current conditions, I don't think we can expect anything. So we would expect some amount of pull, and we're seeing it at least in harvesting now.

which clearly under covering conditions i don't think we can expect anything so we would expect some amount of pull and we're seeing it at least in harvesting now


we're comfortable with that. And if you look at the overall leverage of the company, we're still less than 2x the leverage towards our capital. So while it will have an impact, we don't think it will be a significant impact.

we're comfortable with that and if you look at the overall leverage of the company we're still less than 2x leverage towards our capital so while it will have an impact we don't think it will be a significant impact


I'm curious what you're doing to help build out the ecosystem so that, that next derivative, effectively the customers who are going to consume off of those clouds,

i'm curious what you're doing to help build out the ecosystem so that that next derivative effectively the customers who are going to consume off of those clouds


In addition, as we built up our network for the significant amount of traffic we have ramped over the year, we have incurred a number of nonrecurring charges to establish circuits.

in addition as we built up our network for the significant amount of traffic we have ramped over the year we have incurred a number of nonrecurring charges to establish circuits


with higher average transaction sizes and a decline in late fees. The company experienced a slight increase of 7 basis points in cost of funds

with higher average transaction sizes and a decline in late fees the company experienced a slight increase of 7 basis points in cost of funds


Marlin delivered another solid quarterly performance led by record growth in originations and record portfolio levels while maintaining excellent credit quality.

marlin delivered another solid quarterly performance led by record growth in originations and record portfolio levels while maintaining excellent credit quality


This flexibility has been requested by both students and educators. We will continue to leverage our existing campus relationships to expand this program.

this flexibility has been requested by both students and educators we will continue to leverage our existing campus relationships to expand this program


I will give you now some quick comments about the 3 divisions and WTS, and Jean-Marc Boursier will come back later on them with more details.

i will give you now some quick comments about the 3 divisions and wts and jean-marc bouchier will come back later on them with more details


I don't think anything's changed from my comments or philosophy on that for some time. We continue to have active communications with lots of potential

i don't think anything's changed from my comments or philosophy on that for some time we continue to have active communications with lots of potential


As always, these potential investment opportunities are subject to approvals and documentations, and we may actively sell or syndicate post closing.

as always these potential investment opportunities are subject to approvals and documentations and we may actively sell or syndicate post closing


And if you could -- if you would call them out as one of the most interesting customer groups, or if there are others that you see as more interesting for Orion, like right now?

and if you could -- if you would call them out as one of the most interesting customer groups or if there are others that you see as more interesting for orion right now


then, also maybe comment on some of the contracts that are coming this year? Are you seeing some relief in the rates versus this time last year?

then also maybe comment on some of the contracts that are coming this year are you seeing some relief in the rates versus this time last year


if you look at the second half of our performance last year, even though it improved from the first half, we were still down slightly in clients and we also lost a little bit of share.

if you look at the second half of our performance last year even though it improved from the first half we were still down slightly in clients and we also lost a little bit of share


other companies that have gone through that threshold and with the relative success has been deemed to be both in terms of cost absorption, revenue give up

other companies that have gone through that threshold and what their relative success has been deemed to be both in terms of cost absorption revenue give up


Determining the most efficient number of wells to drill and complete together is essential to maximizing the recovery and net present value of the whole asset.

determining the most efficient number of wells to drill and complete together is essential to maximizing the recovery and net present value of the whole asset


This financial strength enables us to maintain a low cost structure and strategic relationship with our service providers by funding a steady CapEx program.

this financial strength enables us to maintain a low-cost structure and strategic relationship with our service providers by funding a steady capex program


I think the full revenue velocity piece is something that probably warrants a little bit further analysis, but I think it captures some of the effect that you're seeing in the numbers.

i think the full revenue velocity piece is something that probably warrants a little bit further analysis but i think it captures some of the effect that you're seeing in the numbers


and explained in detail the restructuring program, the implications of it, but also what we're looking to try and achieve out of it from a cultural and a process change across the business.

and explained in detail the restructuring program the implications of it but also what we're looking to try and achieve out of it from a cultural and a process change across the business


Their dedication on a daily basis, and that includes Saturdays and Sundays, is just unparalleled in my experiences over the years. They're a great bunch of people.

their dedication on a daily basis and that includes saturdays and sundays is just unparalleled in my experiences over the years they're a great bunch of people


use fair value for your hedges and liabilities in advance of a change in regulation on VAs. I don't know if that's true. But have higher interest rates therefore helped

use fair value for your hedges and liabilities in advance of a change in regulation on vas i don't know if that's true but have higher interest rates therefore helped


we have also realized a significant improvement in the underlying earnings growth of 20%. Those are the markets

we have also realized a significant improvement in the underlying earnings growth of 20% those are the markets


Our commission expenses were up in the year, driven by a new commission model for our branded retail channel as well as the higher gross connections.

our commission expenses were up in the year driven by a new commission model for our branded retail channel as well as higher gross connections


But if I think 5 years from now or 10 years from now compared to where we are today and the unit volume that you would expect, it's going to be much, much, much higher, and that's the bet we're making.

but if i think 5 years from now 10 years from now compared to where we are today and the unit volume that you would expect it's going to be much much much higher and that's the bet we're making


As I said earlier, however, the growth in EBITDA was modest due to continued margin pressures, primarily from cost of sales and restaurant labor expense.

as i said earlier however the growth in ebitda was modest due to continued margin pressures primarily from cost of sales and restaurant labor expense


Werner. During the first part of the trial, we refined the stopping rules. And while we were doing that, some of the patients missed the dozing window around the 28 days.

during the first part of the trial we refined the stopping rules and while we were doing that some of the patients missed the dosing window around the 28 days


I think it could be the latter. As we also said in the call, we are in discussions with multiple potential commercial partners,

i think it could be the latter as we also said in the call we are in discussions with multiple potential commercial partners


I'm Patrick from Nomura. I have some questions regarding the smart manufacturing and smart management. You mentioned that

i'm patrick from namura i have some questions regarding the smart manufacturing and smart management it mentioned that


performances or achievements, including statements related to the company's 2017 outlook, to be materially different from any future results,

performances or achievements including statements related to the company's 2017 outlook to be materially different from any future results


We really have no additional comments at this time and if they are additional questions we'd be happy to take them, but

we really have no additional comments at this time and if there are additional questions we'd be happy to take them but


that is probably viewing ads or commercials at some point. So the growth from here, I mean, like -- what is the bottleneck to showing

that is probably viewing ads or commercials at some point so the growth from here i mean like what is the bottleneck to showing


So it is really that type of movement and volatility. As I think the industry just goes through volatility, it flows down

so it is really that type of movement and volatility as i think the industry just goes through volatility it flows down


With this first in human study, we end to initially demonstrate superior immunogenicity of our vaccine across a variety of cancer types

with this first-in-human study we aim to initially demonstrate superior immunogenicity of our vaccine across a variety of cancer types


I think what you're seeing is an exercise of great discipline, but we look forward to continuing to grow the company

i think what you're seeing is an exercise of great discipline but we look forward to continuing to grow the company


consolidated. Really, going forward, the way we're looking at it is if we have other methods to find

consolidated really going forward the way we're looking at it is if we have other methods to find


We announced the decision to expand discount to the West. We invested in a partnership with Ocado to build the best e-commerce solution in Canada.

we announced the decision to expand discount to the west we invested in a partnership with ocado to build the best e-commerce solution in canada


as well as opportunities in the municipal bond portfolio related to refunding opportunities late in the fourth quarter.


is our ability to bring a holistic solution to that problem and to cut across settings of care. So I think we're in a really, really good position.

is our ability to bring a holistic solution to that problem and to cut across settings of care so i think we're in a really really good position


we will not be signing it and we will not be continuing going to future because we're not going to operate at a loss for austerity purposes. What has to change is the model.

we will not be signing it and we will not be continuing going into the future because we're not going to operate at a loss for austerity purposes what has to change is the model


And today, largely as a result of Federico's strong leadership, Molteni operates both directly and through its network of specialized partners

and today largely as a result of federico's strong leadership multani operates both directly and through its network of specialized partners


in an environment where pricing for most of the other commodities were low. Or any more color on how that tends to play out would be much appreciated.

in an environment where pricing for most of the other commodities were lower any more color on how that tends to play out would be much appreciated


overall ad views and ad viewability percentages have had dramatic increases since the launch of the player.


and where we believe our DepoFoam technology would be the most physiologically appropriate drug delivery technology, given its safe profile and flexibility.

and where we believe our depoform technology would be the most physiologically appropriate drug delivery technology given its safe profile and flexibility


Our PowerUp Rewards loyalty program is at an all-time high of membership around the world, and we continue to add incremental paid members.

our power up rewards loyalty program is at an all-time high of membership around the world and we continue to add incremental paid members


engagements that we have of the advisers with the clients, and we give them a lot of support to work with their clients more thinking about it over a longer term.

engagements that we have with the advisers with the clients and we give them a lot of support to work with their clients more thinking about it over a longer term


I think it all comes in a whole package. It's not just one single specific strategy that we have on the deposit side, Brett, it's more of a

i think it all comes in a whole package it's not just one single specific strategy that we have on the deposit side brad it's more of a


is the stability of EBITDA. The key differences in the cash flow performance relate to the reversal of temporary working capital benefits,

is the stability of ebitda the key differences in the cash flow performance relate to the reversal of temporary working capital benefit


about the business exit? I wasn't aware of that and how big that it is. And then flip to the better side, you also did mention about organic growth. We haven't heard too much

talk about the business exit i wasn't aware of that how big that is and then flip to the better side you also did mention about organic growth we haven't heard too much


These projects will not only create construction jobs for area residents, but will also provide a significant number of full-time employment opportunities upon opening.

these projects will not only create construction jobs for area residents but will also provide a significant number of full-time employment opportunities upon opening


Over the next quarter, we will continue to pursue these initiatives and implement others as necessary. I look forward to sharing the results with you in the future.

over the next quarter we will continue to pursue these initiatives and implement others as necessary i look forward to sharing the results with you in the future


specific performance. Recreational vehicle demand remained reasonably strong in most of our markets. We did experience some softness at our Florida dealership.

specific performance recreational vehicle demand remained reasonably strong in most of our markets we did experience some softness at our florida dealership


That said, the focus is now largely on the Greater Toronto market versus the rest of the country, given the early signs of a slowdown in the Vancouver market.

that said the focus is now largely on the greater toronto market versus the rest of the country given the early signs of a slowdown in the vancouver market


understanding it hasn't closed yet. But when we're looking out to fiscal '17 and beyond, can you just give us a sense for what the sort of margin profile looks like, whether

understanding it hasn't closed yet but when we're looking out to fiscal '17 and beyond can you just give us a sense for what the sort of margin profile looks like whether it's


as a result of various factors, including the Risk Factors described in the risk factor section and elsewhere in the company's most recent annual report on Form 10-K

as a result of various factors including the risk factors described in the risk factors section and elsewhere in the company's most recent annual report on form 10-k


the first -- I think the first inning still of the game, where we believe we can be transformative in helping members or their caregivers make the best decisions.

the first -- i think the first inning still of the game where we believe we can be transformative in helping members or their caregivers make the best decisions


some of which may be outside the control of the company that may cause actual results to materially differ from those expressed in the forward-looking statements.


of what we've been doing anyway. So that's your second question. And you first question is -- I think it was sort of selling versus runoff. So most of the assets

of what we've been doing anyway so that's your second question and your first question is i think it was sort of selling versus runoff so most of the assets


In particular, our properties at Grand Teton Lodge Company experienced strong visitation and spending as the park reached near record visitation levels this summer.

in particular our properties at grande teton lodge company experienced strong visitation and spending as the park reached near record visitation levels this summer


We continue to see significant opportunities in the marketplace and we've been able to utilize our open-to-buy dollars to take advantage of these great deals.

we continue to see significant opportunities in the marketplace and we have been able to utilize our open-to-buy dollars to take advantage of these great deals


But certainly, I wouldn't characterize those price increases as industry-wide. We have some suppliers of ours that chose not to take price, others that have.

but certainly i wouldn't characterize those price increases as industry-wide we have some suppliers of ours that chose not to take price others that have


higher efficiency and doing things faster and using more of things to get higher production. I think there's a lot of other things that can be done,

higher efficiency and doing things faster and using more of things to get higher production i think there's a lot of other things that can be done


next June 1. Our -- I believe what we also have to put out there is the amount of gallons going into '19 with the waiver

next june 1 our -- i believe what we also have put out there is the amount of gallons going into '19 with the waiver


if there's no opportunity to do that, we can keep -- we can pay off our debt at the MLP. And thirdly, the other thing we can do then is tender for shares

if there's no opportunity to do that we can keep -- we can pay off our debt that's the mlp and thirdly the other thing we can do then is tender for shares


Also contributing to lower consumer food sales in the quarter were declines across several Natural Foods brands and a 4% decrease for the Jif brand,

also contributing to lower consumer food sales in the quarter were declines across several natural foods brands and a 4% decrease for the jif brand


Information that will be discussed on today's call includes some forward-looking comments. Actual results or outcomes could differ from those projected or contained in the forward-looking statements.

information that will be discussed on today's call includes some forward-looking comments actual results or outcomes could differ from those projected or contained in the forward-looking statements


As stated in the release, we will judiciously exercise our new authority to repurchase stock with a close eye on our total leverage.

as stated in the release we will judiciously exercise our new authority to repurchase stock with a close eye on our total leverage


and there's no doubt that several of the buildings have got potential into the future from a development perspective and


a lot of runway there for them to be able to exercise calling the options on the 17 to get the additional warrants, so there's really no definitive time frame on that.

a lot of runway there for them to be able to exercise calling the options on the '17 to get the additional warrants so there's really no definitive time frame on that


I would now like to provide you with a brief financial summary for fiscal 2016 before we turn our attention to the coming year.

i would now like to provide you with a brief financial summary for fiscal 2016 before we turn our attention to the coming year


for information on risks and uncertainties that may cause actual results to differ materially from those set forth in such forward-looking statements. I would now like to turn the call over to John.

for information on uncertainties that may cause actual results to differ materially from those set forth in such forward-looking statements i would now like to turn the call over to john


It is quite common for a company to have a filing extension following an auditor transition, though we expect to remain a timely filer by filing within the 15-day extension period.

it is quite common for a company to have a filing extension following an auditor transition though we expect to remain a timely filer by filing within the 15-day extension period


Why not use the forward-looking test year there? I mean, this case looks like it's a little easier than your last case. You didn't get a great

why not use the forward-looking test year there i mean this case looks like it's a little easier than your last case you didn't get a great


bulk and to have enough capacity to be able to actually store it for and utilize it when, let's say the wind doesn't blow, the sun's not shining or whatever,

bulk and enough -- have enough capacity to be able to actually store it for and then utilize it when let's say the wind doesn't blow the sun's not shining or whatever


John will provide more details on our clinical development strategy intended to extract the full clinical and business potential of our lead program.

john will provide more details on our clinical development strategy intended to extract the full clinical and business potential of our lead program


earn and outearn our dividend every quarter since we've been public. And our focus really is on making sure that people are comfortable with that.

earn and outearn our dividend every quarter since we've been public and our focus really is on making sure that people are comfortable with that


operational improvement. In order to do that, we need to basically do things at a lower cost. If you look at how we are organized today,

in order to do that we need to basically do things at a lower cost if you look at how we are organized today


And so all of these had some level of investment throughout the second half, and they're all coming together in the platform. But the real, real

and so all of these had some level of investment throughout the second half and they're all coming together in the platform but the real real


we have secured the total of 8 million tons of shipments, it's just a matter of when they ship. Florida continues to be good both on the public side

we have secured that total 8 million tons of shipments is just a matter of when they ship florida continues to be good both on the public side


something that you anticipate next year? Or because of the time it takes to really develop this especially if you're going to have a pipeline connection?

something that you anticipate next year or because of the time it takes to really develop this especially if you're going to have a pipeline connection


Before proceeding with the presentation, we would like to inform you that the financial information contained in this document has been prepared under International Financial Reporting Standards.

before proceeding with the presentation we would like to inform you that the financial information contained in this document has been prepared under international financial reporting standards


we're generally pretty successful at it. So that's what gives me the confidence. The issue is not that we can't win new business, it's that we don't have enough people doing it is the answer.

we're generally pretty successful at it so that's what gives me the confidence the issue is not that we can't win new business it's that we don't have enough people doing it is the answer


that he will make a bigger announcement later during this year, and then you also will know the name. But as you can imagine,

that he will make a bigger announcement later during this year and then you also will know the name but as you can imagine


that we previously could not sell. You know that we have been optimistic and bullish and focused on Colombia for a long time. And it should be clear by now that our strategy is working.

that we previously could not sell you know that we have been optimistic and bullish and focused on colombia for a long time and it should be clear by now that our strategy is working


The expected seasonal effect has been amplified this year by the high growth, especially in China, and the even stronger second quarter.

the expected seasonal effect has been amplified this year by the high growth especially in china and the even stronger second quarter


Fair enough. Then the second question is regarding this overhead recovery on Borough Green. Can you just help us quantify how much that additional cost has been in the first half?

fair enough then the second question is regarding this overhead recovery on borrow green can you just help us quantify how much that additional cost has been in the first half


Health care financing and savings, health information and technology, pharmacy and medical care delivery, population and consumer digital health

healthcare financing and savings health information and technology pharmacy and medical care delivery population and consumer digital health


that includes certain noncash benefits and expenses associated with our international tax structure. In addition to normal GAAP metrics,

that includes certain noncash benefits and expenses associated with our international tax structure in addition to normal gaap metrics


Thank you, David, and good morning, everyone. This was a solid quarter for TESSCO as the sales momentum that began in the second half of last year continued.

thank you david and good morning everyone this was a solid quarter for tessco as the sales momentum that began in the second half of last year continued


We began fiscal 2018 focused on growing our top line and improving profitability and we made good progress toward both of these goals this quarter.

we began fiscal 2018 focused on growing our top line and improving profitability and we made good progress toward both of these goals this quarter


stronger relationships with the large national resellers. In the private system operator market, revenues and gross profit grew slightly from a year ago.

stronger relationships with the large national resellers in the private system operator market revenues and gross profit grew slightly from a year ago


dealing with the timing issue of that bankruptcy being sooner than we expected, which certainly helped contribute to that gap between build and lease. And as Angela said,

dealing with the timing issue of that bankruptcy being sooner than we expected which certainly helped contribute to that gap between build and lease and as angela said


with occasional supply at a higher cost coming from export spots markets. The Cheniere contract has been received

with occasional supply at a higher cost coming from export spot markets the chenier contract has been received


we don't need to go to the tender anymore. I can anticipate that we expect a very strong

we don't need to go to the tender anymore i can anticipate that we expect a very strong


for kraft in the domestic market in terms of volume and price. That does not change our historic and strategic trajectory

for craft in the domestic market in terms of volume and price that does not change our historic and strategic trajectory


Since we manufacture our own phones, system software and platform, we are able to effectively manage our expenses as we continue to grow our Telecom revenues.

since we manufacture our own phones system software and platform we are able to effectively manage our expenses as we continue to grow our telecom revenues


a partnership makes a distribution call each quarter and evaluates that. So we're going to do the same thing that everybody else is doing.

partnership makes a distribution call each quarter and evaluates that so we're going to do the same thing that everybody else is doing


set of Chinese OEMs. And then, of course, you have increasingly stringent emission standards and their elevation to a matter of public policy in China as important drivers.

set of chinese oems and then of course you have increasingly stringent emission standards and their elevation to a matter of public policy in china as important drivers


a violation of the company's business practices, along with a lack of full disclosure during this review, was unacceptable to the board.

a violation of the company's business practices along with a lack of full disclosure during this review was unacceptable to the board


to the extent that it's helpful for people to understand how we thought about it, we will share any and all thoughts about what things could look like. But I don't think there's anything at this point that

to the extent that it's helpful for people to understand how we thought about it we will share any and all thoughts about what things could look like but i don't think there's anything at this point that


excluding the revenue associated with the group's Engineered Products operations, which has been moved into discontinuing operations as part of Technology.

excluding the revenue associated with the group's engineered products operations which has been moved into discontinued operations as part of technology


will invest into it and feel very good about a unique bathroom or kitchen or installation in their home.